Congress
Congressman Louis T. McFadden, Chairman of the House Committee on Banking and Currency from 1920–31, accused the Federal Reserve of deliberately causing the Great Depression. In several speeches made shortly after he lost the chairmanship of the committee, McFadden claimed that the Federal Reserve was run by Wall Street banks and their affiliated European banking houses.
Many Congressmen who have been involved in the House and Senate Banking and Currency Committees have been open critics of the Federal Reserve, including Chairmen Wright Patman, Henry Reuss, and Henry B. Gonzalez. Congressman Ron Paul, Chairman of the Monetary Policy Subcommittee in 2011, is a staunch opponent of the Federal Reserve System, and routinely introduces bills to abolish the Federal Reserve System, although these have been unsuccessful, garnering neither cosponsors nor hearings.
Ron Paul also introduced H.R. 459: Federal Reserve Transparency Act of 2011, which passed the House on July 25, 2012. This act required an audit of the Federal Reserve Board and the twelve regional banks, with particular attention to the valuation of its securities.
Read more about this topic: Criticism Of The Federal Reserve
Famous quotes containing the word congress:
“Any officer fit for duty who at this crisis would abandon his post to electioneer for a seat in Congress ought to be scalped.”
—Rutherford Birchard Hayes (1822–1893)
“The profession I chose was politics; the profession I entered was the law. I entered the one because I thought it would lead to the other. It was once the same road; and Congress is [s]till full of lawyers.”
—Woodrow Wilson (1856–1924)
“I expect to maintain this contest until successful, or till I die, or am conquered, or my term expires, or Congress or the country forsakes me.”
—Abraham Lincoln (1809–1865)